Financial Performance - The company's net profit increased by approximately RMB 15.3 million or 20.5% to about RMB 89.8 million for the six months ended June 30, 2024, compared to approximately RMB 74.5 million for the same period in 2023[5]. - Revenue decreased by approximately RMB 282.6 million or 17.4% to about RMB 1,337.2 million for the six months ended June 30, 2024, from approximately RMB 1,619.8 million for the same period in 2023[5]. - Gross profit increased by approximately RMB 19.0 million or 15.3% to about RMB 143.4 million, with the gross margin rising from 7.7% to 10.7%[12]. - Net profit for the period increased by approximately RMB 15.3 million or 20.5% to about RMB 89.8 million, driven by higher gross profit and reduced administrative expenses[18]. - Profit before tax increased to RMB 125,439,000, up 25.1% from RMB 100,335,000 in the previous year[33]. - Basic and diluted earnings per share for the period were both RMB 14.5, compared to RMB 11.4 in the same period last year, reflecting a 27.2% increase[33]. - The total comprehensive income for the period was RMB 83,556 thousand, compared to RMB 95,850 thousand in the previous year, showing a decline of approximately 12.8%[37]. Revenue and Sales - Sales revenue from automotive urea solution products decreased by approximately RMB 49.5 million or 47.6% to about RMB 54.5 million for the six months ended June 30, 2024, compared to approximately RMB 104.0 million for the same period in 2023[9]. - The average selling price of automotive urea solution decreased by approximately 47.8% to about RMB 979 per ton, down from approximately RMB 1,876 per ton in the same period of 2023[9]. - Urea sales volume decreased by approximately 7.4% compared to the six months ended June 30, 2023[8]. - Urea sales contributed RMB 1,159,211,000, down from RMB 1,372,940,000, reflecting a decline of 15.5%[48]. - Revenue from other products fell by approximately RMB 13.1 million or 18.7% to about RMB 57.1 million, primarily due to decreased demand for compound fertilizers[11]. Costs and Expenses - Sales costs decreased by approximately RMB 301.5 million or 20.2% to about RMB 1,193.8 million, mainly due to reduced raw material costs[12]. - The cost of goods sold was RMB 1,193,807,000 for the six months ended June 30, 2024, down from RMB 1,495,341,000 in the same period of 2023, representing a decrease of approximately 20.2%[53]. - The total income tax expense for the six months ended June 30, 2024, was RMB 35,644,000, up from RMB 25,878,000 in the same period in 2023, indicating an increase of approximately 37.6%[54]. Assets and Liabilities - As of June 30, 2024, the company had net assets of approximately RMB 1,813.9 million, an increase from RMB 1,767.2 million as of December 31, 2023[20]. - The company maintained a zero debt ratio, with no interest-bearing bank loans as of June 30, 2024[20]. - Total current assets decreased to RMB 1,033,404,000 from RMB 1,115,787,000, a decline of 7.4%[33]. - Total current liabilities decreased to RMB 183,318,000 from RMB 294,146,000, a reduction of 37.7%[33]. - Non-current liabilities totaled RMB 42,366 thousand, up from RMB 39,897 thousand at the end of 2023, primarily due to an increase in deferred income[35]. Strategic Initiatives - The company implemented several strategies to maintain competitiveness and growth potential despite market challenges[5]. - The company is focusing on technological innovation and product upgrades to meet stricter market standards and customer demands[5]. - The company aims to enhance fine management and energy efficiency to promote sustainable development and long-term shareholder value[6]. - The company is actively adapting to the low-carbon green development trend in the urea industry, aiming to improve production processes and reduce costs while enhancing product quality[21]. - The company is focused on enhancing resource allocation and maximizing the efficiency of raw materials and energy usage to improve overall synergy[21]. Shareholder Information - As of June 30, 2024, the major shareholder, Timely Moon, holds a controlled interest in 460,000,000 shares, representing approximately 74.08% of the company's issued shares[24]. - Sino-Coal Holding and Bloom Ocean, both significant shareholders, hold 279,680,000 shares (45.04%) and 180,320,000 shares (29.04%) respectively, indicating concentrated ownership[26]. Employee and Management - The total employee cost, including director remuneration, was approximately RMB 64.0 million for the reporting period, up from RMB 61.2 million for the six months ended June 30, 2023[23]. - As of June 30, 2024, the company employed 1,302 staff, an increase from 1,292 employees as of December 31, 2023, reflecting growth in workforce[23]. - Total remuneration for key management personnel was RMB 711 thousand for the six months ended June 30, 2024, an increase of 7.2% from RMB 663 thousand for the same period in 2023[67]. Other Financial Information - The company did not declare an interim dividend for the reporting period[31]. - There were no significant acquisitions or disposals of subsidiaries or associates during the reporting period[31]. - The company has not made any major investments during the reporting period[31]. - The company has no significant contingent liabilities as of June 30, 2024, maintaining a stable financial position[23]. - The company has no pledged assets as of June 30, 2024, indicating a strong asset position without encumbrances[23].
东光化工(01702) - 2024 - 中期财报